Condo prices up as train lines draw buyers to city outskirts
The condo price index for Bangkok, Nonthaburi and Samut Prakan in the second half of 2013 rose by 5.6% year-on-year, with units along the skytrain extension line in Bang Na and the future MRT Purple Line posting the highest increases.
Bangkok condo prices rose by 5.5%, while those in Nonthaburi and Samut Prakan were up by 8%, said Samma Kitsin, director-general of the Real Estate Information Center (REIC).
The highest increase was found in the price range of 50,000-80,000 baht a square metre, up by 8.7%. Prices for the segment rose by 8.6% in Bangkok and 9% in Nonthaburi and Samut Prakan.
The second-highest increase was in the range of 80,000 to 120,000 baht a sq m _ prices found only in Bangkok, where they rose by 7.9%.
In Nonthaburi and Samut Prakan, the price driver was future mass transit lines such as the Purple Line and the Pink Line in Nonthaburi’s Muang district and the extension line in Bang Na district near Samut Prakan.
Bangkok districts where condo prices rose sharply included Chatuchak, Huai Khwang, Phra Khanong, Bang Na, Klong San, Thon Buri, Prawet and Bang Khen.
Of all the price ranges, Bangkok condos priced higher than 120,000 baht per sq m recorded the lowest increase at 3%.
For single houses and townhouses, the overall price index rose by 6.1% and 6.9%, respectively. In Bangkok, single house prices were up 6% and townhouse prices 7.5%. For Nonthaburi, Pathum Thani and Samut Prakan, prices rose by 6.2% and 6.6%, respectively.
The REIC introduced the condo price index in the first half of 2010, using prices in 2009 as the base year. For the second half of 2013, the base year was adjusted to 2012.
The price index for single houses and townhouses began in the first half of 2011, with 2009 as the base year.